Project ‘Siberia’

Matanda Block Farm-in

Opportunity

July 2021
Matanda Block, Cameroon
Project Siberia: Farm Out Opportunity
 Matanda Block, Cameroon
Project Siberia: Farm Out Opportunity
• The Matanda exploration block is located in the on- and offshore Douala
Basin in Cameroon in West Africa and represents an exciting opportunity
for investment and production in an underexplored and underdeveloped
area

• Unrisked Prospective Resources of 1.7 Tcf [Pmean] in the onshore

Cretaceous and Tertiary, plus Contingent Resources in the Cretaceous of
the off/inshore North Matanda discovery of 163 Bcf (2C) identified

• There is a proven, active hydrocarbon system in place in the Douala basin

with commercial production taking place in the nearby Logbaba field and
recent Tertiary discoveries in the analogous wells, Zingana-1 and
Moambe-1, in the neighbouring Bomono block

• A potentially very lucrative opportunity for a series of low-cost Tertiary wells

in an onshore location with a nearby distribution network and connection to
a burgeoning market

• Victoria Oil and Gas hold a 75% interest and operatorship of the Matanda
block PSC; Afex Global retain the remaining 25% interest and SNH have
an option to back-in 5-25%

• VOG are now looking for an [industry] partner to come in to the block
and are willing to farm out up to a 37.5% interest in the PSC
 Matanda Block, Cameroon
Database and Technical Evaluation
• The Matanda Exploration Block covers an on- and offshore area Wells
Matanda NM-1X
Date
1980
Operator
Gulf Oil
TD
3085m
of 1,235 km2. It has an extensive database of more than 4,000 NM-2X 1982 Gulf Oil 3172m
km of 2D seismic data, 203 km2 of 3D seismic data, numerous NM-3X 2013 Glencore 3739m
wells with a good dataset and access to 7 post-2010 well data Pungo -1X 1978 Gulf Oil 1316m
Wouri -1X 1980 Gulf Oil 1687m
on- and in adjacent blocks (see well database) N'Kapa 1958 SEREPCA 3319m
Missellele 1975 Gulf Oil 3281m
• VOG have carried out a thorough subsurface and prospectivity Bomono Zingana -1X
Moambe - 1X
2015
2015
Bowleven
Bowleven
1720m
1769m
evaluation (in collaboration with Getech/ERCL 2017-20). This Pibissau - 1X 1957 SEREPCA 2454m
involved the reprocessing of recent seismic data in order to Bomono-01 1953 SEREPCA 1196m
Bomono-02 1953 SEREPCA 860m
identify fluids and hydrocarbon indicators, a biostratigraphy, Bomono-03 1953 SEREPCA 759m
petrophysics and also a reservoir characterisation study which Bomono-03bis 1953 SEREPCA 1200m
aimed to understand the reservoir architecture and extents (RPS Bomono-04 1953 SEREPCA 750m
Bomono-05 1954 SEREPCA 750m
Energy 2017) Bomono-06 1954 SEREPCA 1196m
Bomono-07 1954 SEREPCA 770m
• This technical work culminated in the generation of a prospect Bomono-08
Bomono-09
1954
1954
SEREPCA
SEREPCA
930m
776m
inventory of 26 risked and ranked stratigraphic and structural Bomono-11 1954 SEREPCA 901m
prospects at both the Tertiary and Cretaceous levels and Bomono-101 1954 SEREPCA 2246m
Bomono-102 1954 SEREPCA 2578m
concluded by identifying five economically drillable prospects Razel-1 1957 SEREPCA 1495m
Razel-2 1957 SEREPCA 1693m
• The northern portion of the block is considered to be the most Logbaba LA-107
LA-108
2017
2017
VOG
VOG
prospective part of the Matanda block (outlined in orange), LA 101 1954 ELF 1808m
consisting mainly of Tertiary dry gas and Cretaceous dry/wet gas. LA 102 1956 ELF 1915m
LA 103 1957 ELF 2750m
There is also prospectivity in offshore North Matanda shown here LA 104 1957 ELF 4172m
outlined in green LA 105 2009 VOG 2718m
LA 106 2010 VOG 3203m

Well Database Seismic & Well Database

 Matanda Block, Cameroon
West Africa Regional Geology
• Douala basin shown here in relation to West Africa
showing surrounding basins and gas fields in red
and oil in green
Matanda
block

• The structural evolution was controlled by the break

of up of Pangea and the opening of the Atlantic
ocean and is dominated by a regional strike-slip
structural model

• Regional gravity data shows the offshore section of (Lawrence et al. 2016)
the Douala Basin is dominated by oceanic fracture
zones. Several major fracture zones characterized
by gravity lows

Two fault orientations evident:

• NW-SE orientation associated with post rift
movement associated with the opening of the
Atllantic which initiated during the early-mid
Cretaceous
• The NE-SW orientation is associated with
transtensional faulting (RPS Energy 2018)
Prospectivity
Proximity to Zingana and Moambe (2015) Discoveries

• Moambe and Zingana discovery wells are within 5km of VOG prospects

• Same Play as VOG prospects

• Zingana flowed gas at a rate of 0.9mmscfgpd and Moambe at 3.8mmscfgpd

• From Bowleven’s November 2015 RNS:

“the Moambe well has achieved a maximum stabilised flow rate of 7.3 mmscfd through a 48/64 choke
with a flowing well head pressure of 664 psig with no signs of depletion during the initial test period.”
 Environmental and Social Impact
SUMMARY:
▪ Environmental and Social Impact Assessment (ESIA) for
Exploration, Appraisal Drilling and Early Production focused on
the 5 high graded prospects as shown in the map
▪ Certificate of Environmental Conformity was awarded to GDC
by MINEPDED on the 1st June 2021
▪ Certificate of Conformity covers all intended activity for THREE
(3) years
▪ Specialist field studies were halted halfway through in March
2020 due to COVID-19 pandemic and completed September
2020
▪ Carried out a second series of public hearings 5-11th April to
ensure all concerns are recorded in the ESIA
▪ ESIA delayed by ELEVEN (11) months due to the Covid-19
pandemic
▪ Environmental and Social factors (eg: proximity to local
population and security) included in the prospect ranking
decision making process ESIA prospect AOIs and conceptual infrastructure
 PSC Commitments and Ongoing Work Programme
• Minimum work commitments on the licence are to acquire and/or reprocess seismic and drill one exploration well.
Seismic commitment has been fulfilled

• Full geotechnical evaluation of prospectivity of block to geological prognosis already carried out which involved
extensive seismic reprocessing

• One year Extension to the current second Exploration Period to end 2021 now approved due to Covid delays and a
further year extension (as needed) looks likely

• Full work programme devised to drill and complete commitment exploration well by the end of 2021 (likely to slip to
Q1-2 2022)

• ESIA for exploration, appraisal drilling and early field development recently concluded

• Also undergoing well planning and final reprocessing for depth accuracy/sensitivities, improved resolution and
conceptual drill planning completed

• VOGs in-country subsidiary, Gaz du Cameroun (GDC) manages operations

 Key Market Messages

• Sole onshore gas producer in Cameroon:

• Any gas discovery could be tied into the Logbaba
facility via the existing pipeline network
• Growing domestic market for hydrocarbons and
excellent opportunities for monetisation
• Rapidly developing gas market with approx. 50%
electrification, much less in rural areas
• Market remains incentivised to switch to gas:
• Commercially attractive
• More reliable than grid power
• Modest capital to unlock self funded business
 Victoria Oil and Gas : Fully Integrated
‘Gas Chain’ business
Competitively
High Value
priced upstream Delivering energy to local markets
Customers
gas resources

Industrial
Logbaba Gas distribution
Gas to power Feedstock
Network

Matanda Beyond grid Grid Power

distribution ‘Energy Wells’
(CNG)
Logbaba 44km2 Industrial Power

3rd party sources Transport fuel

Retail Energy Sales

Creating gas value chains for efficient and effective delivery of energy
 Matanda Exploration Block – All the Elements of a
Bankable Opportunity
Experienced
Operator

Proven Gas
Reserves

Existing
Distribution
Network

Growing
Domestic
Market

Creating gas value chains for efficient and effective delivery of energy
 Summary of Opportunity
• The Matanda exploration block represents an exciting opportunity for investment and near-term production in an underexplored and
underdeveloped area

• VOG have carried out a thorough subsurface and prospectivity evaluation which has resulted in the generation of a prospect inventory of 26
risked and ranked stratigraphic and structural prospects at both the Tertiary and Cretaceous levels and concluded by identifying five
economically drillable prospects

• Prospective Resources of 1.7 Tcf [Pmean] in the onshore Tertiary and Cretaceous, plus Contingent Resources in the offshore North Matanda
field of 163 Bcf (“2C”)

• An exciting opportunity for a series of low-cost Tertiary wells in an onshore location with an existing distribution and downstream market in
place

• There is an active hydrocarbon system in place in the Douala basin with production taking place in the nearby Logbaba field and Tertiary
discoveries in the analogous wells, Zingana and Moambe, in the neighbouring block, Bomono

• Any hydrocarbons discovered could be tied in to Logbaba facility via existing pipeline network

• Growing domestic market for hydrocarbons and excellent opportunities for monetisation

• Victoria Oil and Gas hold a 75% interest and operatorship of the Matanda block PSC Afex Global retain the remaining 25% interest and SNH
have an option to back-in 5-25%

• VOG are now looking for a further (industry) partner to come in to the block and are willing to farm out up to a 37.5% interest
Thank you for your attention